Call it mill city momentum, but Lawrence, MA isn’t the housing bargain it used to be

““This city is, and always has been, a magnet for immigration of all kinds.”

They say a rising tide lifts all boats. In Lawrence, it’s also raising rents.

While this former industrial city used to represent an affordable alternative to renters priced out of Boston and Somerville, Lawrence has seen something of an upswing in recent years — and that rental discount is dwindling.

Back in 2015, a family renting a median-priced three-bedroom apartment could save $645 a month leasing in Lawrence instead of Boston, according to rental website Apartment List. But rents in Lawrence have climbed 21 percent in the past five years, compared with just 4 percent in Boston, slashing that savings to just $354 a month. In fact, that same family could find less expensive median rents in Lowell, Haverhill, and Salem, among other cities north of Boston, according to the website.

In a city where the population is near a 70-year high, and where 3/4 of the households rent, the demand for apartments is fierce. | realestate.boston.com

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FIRST TIME HOMEBUYERS

First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.